Paytrail and Aiia enable Open Banking payments in ecommerce
Finland-based payment service provider Paytrail has partnered with Denmark-based fintech Aiia (a Mastercard company) to accelerate Open Banking payments in ecommerce.
Supported by Mastercard’s Open Banking platform, Paytrail enables ecommerce for more than 20,000 merchants and online shoppers, providing greater choice with new payment options and providing a seamless online checkout experience.
Unlike more traditional payment options, Open Banking allows anyone with a bank account to initiate swift and secure digital payments which arrive as soon as technically possible and, in some countries, almost immediately to a retailer’s account. Compared to other methods, this Open Banking solution requires fewer steps to complete a payment, as the payment is initiated directly from the bank without the need to manually fill in payment details or switch between applications or interfaces.
Through this collaboration, merchants can also offer a solution that is fully integrated in the checkout environment and aligns to Paytrail’s and Mastercard’s shared vision of continuously increasing convenience for consumers and enhancing security.
Aiia’s officials stated that Open Banking ecommerce payments are convenient for consumers as they enable a faster checkout process, paying through an interface that the consumer trusts with their bank. The flow itself holds embedded SCA (Strong Customer Authentication) and therefore reduces steps in successfully getting a transaction through when shopping online. They’re thrilled to facilitate Paytrail on their future journey towards increasing convenience in the ecommerce landscape.
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